Law Offices of Howard G. Smith reminds investors of the upcoming November 29, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Paragon 28, Inc. (“Paragon” or the “Company”) (NYSE: FNA) common stock between May 5, 2023 and August 8, 2024, inclusive (the “Class Period”).
Investors suffering losses on their Paragon investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.
On July 30, 2024, after market hours, Paragon disclosed that the Company’s previously issued financial statements from 2023 and 2024 should no longer be relied upon “due to errors in such financial statements” related to “accounting” and would therefore require restatements. Additionally, the Company reported that it had identified “one or more material weaknesses in its internal control over financial reporting.”
On this news, Paragon’s stock price fell $1.24, or 13.7%, to close at $7.79 per share on July 31, 2024, thereby injuring investors.
Then, on August 8, 2024, after market hours, Paragon released its amended annual report for 2023 and the first quarter 2024 report, providing restated financial figures, revealing understated cost of goods sold and overstated net inventories.
On this news, Paragon’s stock price fell $1.67, or 20.1%, to close at $6.64 per share on August 9, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Paragon 28’s financial statements were misstated; (2) Paragon 28 lacked adequate internal controls and at times understated the extent of the issues with its internal controls; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Paragon common stock during the Class Period, you may move the Court no later than November 29, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241004457488/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
